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Revenue and distributional modelling for a UK wealth tax
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Advani, Arun, Hughson, Helen and Tarrant, Hannah (2021) Revenue and distributional modelling for a UK wealth tax. Fiscal Studies, 42 (3-4). pp. 699-736. doi:10.1111/1475-5890.12280 ISSN 0143-5671.
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Official URL: https://doi.org/10.1111/1475-5890.12280
Abstract
In this paper, we model the revenue that could be raised from an annual and a one-off wealth tax of the design recommended by Advani, Chamberlain and Summers in the Wealth Tax Commission's Final Report (2020). We examine the distributional effects of the tax, in terms of both wealth and other characteristics. We also estimate the share of taxpayers who would face liquidity constraints in meeting their tax liability. We find that an annual wealth tax charging 0.17 per cent on wealth above £500,000 could generate £10 billion in revenue, before administrative costs. Alternatively, a one-off tax charging 4.8 per cent (effectively 0.95 per cent per year, paid over a five-year period) on wealth above the same threshold, would generate £250 billion in revenue. To put our revenue estimates into context, we present revenue estimates and costings for some commonly proposed reforms to the existing set of taxes on capital.
Item Type: | Journal Article | ||||||||||||
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Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HJ Public Finance |
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Divisions: | Faculty of Social Sciences > Economics | ||||||||||||
Library of Congress Subject Headings (LCSH): | Wealth tax -- Great Britain, Income distribution -- Great Britain, Income tax -- Great Britain, Revenue -- Great Britain | ||||||||||||
Journal or Publication Title: | Fiscal Studies | ||||||||||||
Publisher: | Wiley-Blackwell Publishing, Inc | ||||||||||||
ISSN: | 0143-5671 | ||||||||||||
Official Date: | October 2021 | ||||||||||||
Dates: |
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Volume: | 42 | ||||||||||||
Number: | 3-4 | ||||||||||||
Page Range: | pp. 699-736 | ||||||||||||
DOI: | 10.1111/1475-5890.12280 | ||||||||||||
Status: | Peer Reviewed | ||||||||||||
Publication Status: | Published | ||||||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||||||
Date of first compliant deposit: | 25 August 2021 | ||||||||||||
Date of first compliant Open Access: | 29 October 2021 | ||||||||||||
RIOXX Funder/Project Grant: |
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